EMPIRE WOOL SUPPLIES

Wanganui Chronicle, Volume LXXXI, Issue 19035, 12 June 1924, Page 5

EMPIRE WOOL SUPPLIES

NEED FOR DEVELOPMENT. AUSTRALIAN FINANCES WEAK? Received June 11, 9.20 p.m. SYDNEY, June 11. At the Textile Conference, Harry Dawson warned the conference that if the Empire’s pastoralists did not provide the necessary increased wool supplies, those supplies would be certain to be provided by Asia, notably China. The wool trade at present was well managed at both ends, but needed better financing, particularly Australia, where difficulties in regard to finances at present really amounted to a 3| per cent, export tax on Australia’s wool clip. It was remarkable that the Commonwealth Bank, formed to foster Australian industries, had allied itself with the Associated Banks, and therefore could not function as intended. The Commonwealth Bank held twentynine millions’ worth of Treasury bonds, against which Treasury notes could be issued. Mr. Dawson said he had only to-day received cabled intimation that Home and Continental buyers had found it almost impossible to obtan credits for the forthcoming Sydney and Brisbane sales. He hoped the Commonwealth would quickly find a means of relieving the situation, which was inevitably reducing the prices growers could obtain by from 5 per cent to 7| per cent.